In a bid to rein in exorbitant executive compensation, the US government has appointed a pay czar who will oversee pay practices at seven companies including Citigroup, which have received "extraordinary" Federal assistance.
The United States government appointed pay czar will review the executive compensation packages at 419 bailed out companies including Goldman Sachs and JP Morgan Chase.
Service Employees International Union said in a letter to the Obama administration's 'pay czar' Kenneth Feinberg that Ken Lewis and other executives at banks supported by taxpayer money should be prevented from receiving any retirement or severance package until the banks commit to stop foreclosures.
The company's recently hired chief executive Robert Benmosche threatened to quit last month reportedly amid frustrations over limitations on pay for top AIG executives.
The Justice Department has also been investigating criminal fraud allegations against Volkswagen for misleading U.S. consumers and regulators.
Earlier this year, Toyota Motor Corp was fined $1.2 billion for concealing problems related to sudden acceleration of some of its vehicles.
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